fumopay has successfully closed its first seed-funding round from three highly accomplished FinTech private investors. The firm says the financing enables it to further develop its launch plan, rooted in financial social impact.

The brand intends to accelerate its sales and communications strategy to elevate its organic growth since its inception in 2021. The fumopay goal is to help SMEs improve their cash flow and reduce operational costs. And it says its multi-channel payment solution brings immediate benefits to this sector.

fumopay Founder and CEO, Kevin Ludford, said: “The most important aspect of this raise is that we’ve been joined by highly experienced payment and fintech investors with proven track records. They are aligned with our growth ambition and equally, bring a wealth of experience and added value to our business.”

Investor Matthew Bruton, said: “The exciting thing for any business is when they have the ability to enable large scale disruptive change to global multi trillion-dollar markets. There are few occasions that these types of investment opportunities occur, fumopay is one of them.”

fumopay: developed in-house as an API payment platform

fumopay was developed in-house as an API payment platform to support multiple payment use cases via a common user experience. It can be added as a payment option for ecommerce businesses. This allows their consumers quick and frictionless online settlement without requiring them to divulge any sensitive data, eliminating the fraud related to sharing card details. For in-store payments, fumopay has a customisable QR code feature or API for EPOS integration. This speeds up payments for both parties and again, eliminates the laborious and risky barriers of sharing card data. For in-app purchases or remote-based payments, the fumopay platform is also designed to be white-labelled. This supports organisations that simply want to add payment processes to their services.

Bruton added: “fumopay is uniquely positioned to deliver change in the merchant payments space and become the market leader. The raise will enable the team and the technology to start rapidly scaling the services to merchants and enterprise clients across the country and beyond. We’ve seen payments in the UK go through a first wave of change, digitisation of the existing services. Now the second phase is just beginning with bank-to-bank instant payments, completely transforming the way we pay.”